Group 1 - On February 17, SAIC Motor Corporation Limited executed a block trade with a volume of 109,000 shares and a transaction value of 2.0111 million yuan, at a price of 18.45 yuan per share [1] - The buyer of this block trade was Huatai Securities Co., Ltd. headquarters, while the seller was CITIC Securities Co., Ltd. Shanghai branch [1] - In the past three months, SAIC Motor has recorded a total of 13 block trades, with a cumulative transaction value of 963 million yuan [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a wholesale sales volume of 264,000 vehicles in January 2025, representing a year-on-year increase of 7.9% despite a month-on-month decrease of 45.3%. This growth in a traditionally slow month sets a solid foundation for annual sales growth. The industry is entering a new phase of advanced intelligent driving, and the company is expected to leverage its strong technical foundation to pursue growth through smart technology, aiming for a rebound in sales and stable operations in 2025 [3][12][14]. Summary by Sections Sales Performance - In January 2025, the company reported a wholesale sales volume of 264,000 vehicles, up 7.9% year-on-year but down 45.3% month-on-month. The company delivered 353,000 vehicles in total, with 206,000 from its own brands, marking a 6.0 percentage point increase in the share of self-owned brand sales year-on-year. The production volume reached 325,000 vehicles, a 33.4% increase year-on-year but a 28.9% decrease month-on-month [11][12]. Technological Advancements - The company is accelerating its electrification transformation, with January sales of new energy vehicles at 61,000 units, down 5.0% year-on-year and 60.3% month-on-month, primarily due to the impact of the Spring Festival. The company plans to launch new models across its electric, hybrid, and hydrogen platforms in 2025, enhancing its technological capabilities [13][14]. Financial Forecast - The company forecasts revenues of 618.6 billion, 644.7 billion, and 678.8 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -15%, +4%, and +5%. The net profit attributable to the parent company is expected to be 1.587 billion, 9.291 billion, and 12.664 billion yuan for the same years, with growth rates of -89%, +485%, and +36% [15][20].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.40 CNY, based on a 2025 PE average valuation of 20 times [2][5]. Core Views - The company achieved positive growth in overall sales in January, with retail sales outperforming wholesale sales. The total wholesale sales reached 264,200 units, a year-on-year increase of 7.9%, while terminal sales were 353,000 units, exceeding wholesale sales by nearly 90,000 units [1][8]. - The company is expected to benefit from national reforms, with a focus on accelerating the layout of new energy vehicles in 2025. The company plans to launch multiple new energy models, which are anticipated to stabilize and increase sales of its self-owned brands [8]. Financial Forecast and Key Metrics - The forecasted EPS for 2024-2026 is 0.15 CNY, 1.07 CNY, and 1.16 CNY respectively. The projected revenue for 2024-2026 is 611,672 million CNY, 674,246 million CNY, and 721,878 million CNY, with respective growth rates of -15.8%, 10.2%, and 7.1% [2][4]. - The company's operating profit is expected to decline significantly in 2024 to 2,577 million CNY, followed by a substantial recovery in 2025 to 20,402 million CNY, and further growth to 22,102 million CNY in 2026 [4]. - The gross margin is projected to improve from 10.6% in 2024 to 11.0% in 2026, while the net profit margin is expected to stabilize around 1.9% by 2026 [4]. Sales Performance - In January, the company's self-owned brand terminal sales reached 206,000 units, an increase of approximately 6 percentage points compared to the same period last year [8]. - The company’s overseas and export sales in January increased by 7.4% year-on-year, with terminal sales reaching 90,000 units, also showing a year-on-year growth of 7.8% [8].

注 1：上表数据仅为公司产销快报数据，未经审计确认，具体数据以公司定期报告为准。 注 2：上汽大通汽车有限公司产销数据包含跃进品牌。 注 3：其他主要含上海申沃客车有限公司、上汽红岩汽车有限公司、南京依维柯汽车有限公司等。 上海汽车集团股份有限公司 董事会 2025年2月5日 上海汽车集团股份有限公司2025年1月份产销快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海汽车集团股份有限公司2025年1月份产销快报数据如下： | 单 位 | | | | 产 量（辆） | | | | | | 销 量（辆） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | 本月数 | 去年 | 月度 | 本年 | 去年 | 累计 | | | | 同期 | 同比 | 累计 | 累计 | 同比 | | 同期 | 同比 | 累计 | 累计 | 同比 | | 上 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is expected to face a significant decline in net profit for 2024, with estimates ranging from 1.5 billion to 1.9 billion RMB, representing a year-on-year decrease of 87% to 90% [8] - The report highlights that the impairment related to General Motors has been accounted for, which is seen as a negative factor that has now been fully recognized [8] - The company anticipates a recovery in sales volume in Q4 2024, with a forecasted wholesale volume of 1.364 million vehicles, showing a year-on-year decrease of 17% but a quarter-on-quarter increase of 65.8% [8] - The report emphasizes the company's efforts to reduce costs and improve efficiency, with expectations for internal restructuring and external collaborations to reverse the current challenges [8] Financial Summary - Total revenue for 2024 is projected to be 612.744 billion RMB, a year-on-year decrease of 17.72% [8] - The net profit attributable to shareholders is forecasted to be 1.603 billion RMB for 2024, down 88.64% from the previous year [8] - The earnings per share (EPS) for 2024 is expected to be 0.14 RMB, with a significant increase in EPS projected for 2025 and 2026 [8] - The price-to-earnings (P/E) ratio is expected to be 122.31 for 2024, reflecting the anticipated challenges in profitability [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.40 CNY, based on a comparable company PE average valuation of 20 times for 2025 [2][5]. Core Views - The company is expected to see a significant improvement in operating profit in Q4 2024, with a forecasted non-GAAP net profit of 8.24 to 27.24 billion CNY, marking a substantial increase from Q3 2024 [7]. - The overall sales volume for Q4 2024 is projected to be 1.3637 million units, reflecting a 65.8% increase from Q3 2024, driven by improvements in both joint venture and self-owned brands [7]. - The company anticipates a continued recovery in profitability in 2025, supported by ongoing reforms and strategic adjustments in both self-owned and joint venture brands [7]. Financial Forecasts - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 0.15 CNY, 1.07 CNY, and 1.16 CNY respectively, with a notable decrease in 2024 due to asset impairment provisions [2][4]. - Revenue is expected to decline to 611.672 billion CNY in 2024, followed by a recovery to 674.246 billion CNY in 2025 and 721.878 billion CNY in 2026, indicating a growth rate of 10.2% in 2025 and 7.1% in 2026 [4][8]. - The gross margin is projected to improve gradually from 10.6% in 2024 to 11.0% in 2026, while the net profit margin is expected to stabilize around 1.8% in 2025 and 1.9% in 2026 [4][8]. Sales and Market Performance - The company’s sales performance in Q4 2024 is expected to benefit from a recovery in both joint venture and self-owned brands, with significant sales increases reported for major brands [7]. - The report highlights that the company’s retail sales have outpaced wholesale sales, indicating a positive trend in market demand [6]. Summary of Financial Data - The company reported a revenue of 726.199 billion CNY in 2023, with a slight increase of 0.7% year-on-year, while the net profit attributable to the parent company was 14.106 billion CNY, down 12.5% from the previous year [4][8]. - The projected net profit for 2024 is expected to be between 1.5 to 1.9 billion CNY, reflecting a significant decline of 87% to 90% year-on-year due to asset impairment [7].

Core Viewpoint - SAIC Motor Corporation is expected to experience a significant decline in performance for 2024, with a projected net profit drop of over 12 billion yuan, marking the first time since its listing that the annual net profit will decrease by this magnitude [1][2][5]. Financial Performance - The company forecasts a net profit attributable to shareholders of between 1.5 billion and 1.9 billion yuan for 2024, representing a year-on-year decline of 87% to 90%, equating to a reduction of 12.2 billion to 12.6 billion yuan [1][3][4]. - In 2023, the net profit attributable to shareholders was 14.106 billion yuan, indicating a stark contrast to the anticipated figures for 2024 [4][5]. - The company also expects a non-recurring net profit loss of between 4.1 billion and 6 billion yuan for 2024, marking the first time since 2009 that it will report a loss in this category [3][6]. Market Position and Competition - SAIC Motor has lost its position as the top-selling automaker in China, with its sales being surpassed by BYD for the first time in 2024 [2][8]. - The company’s wholesale vehicle sales are projected to decline by 20.07% to 4.013 million units in 2024, while BYD's sales are expected to grow by 41.26% to 4.2721 million units [7][8]. - The competitive landscape in the fuel vehicle market is intensifying, with ongoing price wars contributing to reduced sales revenue and declining profit margins for SAIC [7]. Strategic Challenges - The company faces a dual challenge of fierce competition in the fuel vehicle market and insufficient progress in transitioning to electric vehicles [2][7]. - The production and sales figures for SAIC's electric vehicle platform, Zhiji Motors, while showing growth, remain relatively low compared to the overall production and sales of over 4 million units [8]. - The company plans to take asset impairment provisions of 23.212 billion yuan in the fourth quarter of 2024, which is expected to reduce the net profit attributable to shareholders by 7.874 billion yuan [8].

上海汽车集团股份有限公司 关于合营企业计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上海汽车集团股份有限公司（以下简称"公司"）持股 50%的 合营企业上汽通用汽车有限公司（以下简称"上汽通用"）及其控股 子公司上汽通用东岳汽车有限公司（以下简称"东岳汽车"）、上汽通 用（沈阳）北盛汽车有限公司（以下简称"北盛汽车"）、上汽通用东 岳动力总成有限公司（以下简称"东岳动力总成"），为应对市场挑战， 在评估稳定市场份额和聚焦盈利能力所采取的业务重整行动的影响 后，将在 2024 年第四季度计提资产减值准备 232.12 亿元人民币。 公司对上汽通用及其控股子公司采用权益法进行核算。因公司 对采用权益法核算的合营企业及联营企业不负有承担额外损失义务， 根据《企业会计准则》，在其发生超额亏损时，公司仅将对其长期股 权投资减记至零为限，不需确认其发生的超额亏损。 截至 2024 年 9 月 30 日，公司合并口径对上汽通用、东岳汽车、 北盛汽车（以下合称"上汽通用整车相关公司"）的长期股权投资账 ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between 1.5 billion and 1.9 billion RMB, a decrease of 12.2 billion to 12.6 billion RMB compared to the previous year, representing a year-on-year decline of 87% to 90%[2] - The net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is expected to be between -4.1 billion and -6 billion RMB, a decrease of 14.1 billion to 16 billion RMB compared to the previous year, representing a year-on-year decline of 141% to 160%[3] Sales Performance - The company achieved wholesale vehicle sales of 4.013 million units in 2024, a decrease of 20.07% compared to the same period last year[6] Impairment and Capital Changes - The impairment provision related to the joint venture SAIC-GM is expected to reduce the company's net profit attributable to shareholders of the parent company by approximately 7.874 billion RMB in the fourth quarter of 2024[6] - The completion of the equity transfer and capital increase of MG Motor India Pvt. Ltd. is expected to increase the net profit attributable to shareholders of the parent company by approximately 5.13 billion RMB in 2024[6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.40 CNY, based on a projected PE ratio of 20 times for 2025 [2][5][106]. Core Views - The company is expected to benefit from significant reforms and transformations, leading to a potential turnaround in performance by 2025 [14][20][26]. - The integration of the Feifan and Roewe brands is anticipated to enhance operational efficiency and profitability within the self-owned brand segment [28][33]. - The company is focusing on accelerating its electric and intelligent transformation, with plans to launch multiple new models in the coming years [90][99][106]. Financial Forecasts and Investment Recommendations - The adjusted earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 0.80 CNY, 1.07 CNY, and 1.16 CNY respectively [2][106]. - The company's revenue is projected to decline in 2024 but is expected to recover in subsequent years, with a forecasted growth of 10.2% in 2025 and 7.1% in 2026 [4][106]. - The report highlights a significant drop in net profit for 2024, with an estimated loss of 18.52 billion CNY for the first half of the year, but anticipates a recovery in profitability by 2025 [73][106]. Company Financial Information - The company reported a revenue of 726.2 billion CNY in 2023, with a slight increase of 0.7% from the previous year, but forecasts a decline to 611.7 billion CNY in 2024 [4][106]. - The gross margin is expected to improve gradually, reaching 10.9% by 2026 [4][106]. - The net profit margin is projected to stabilize around 1.9% by 2026, indicating a gradual recovery in profitability [4][106]. Strategic Initiatives - The company is implementing a comprehensive reform plan that includes brand integration, organizational restructuring, and technological upgrades to enhance competitiveness [20][25][26]. - The self-owned brand segment is expected to see a turnaround due to improved operational efficiency and a focus on high-end electric vehicles [28][33]. - The joint ventures with international partners are set to accelerate the development of new energy vehicles and smart driving technologies [90][99][106].